TriplePoint Venture Growth BDC Corp. announced its financial results for the third quarter ended September 30, 2024, reporting net investment income of $13.8 million, or $0.35 per share. This represents a decrease from $19.1 million, or $0.54 per share, recorded in the third quarter of 2023. Total investment and other income for the quarter was $26.5 million, down from $35.7 million in the prior year period, primarily due to a lower weighted average principal amount outstanding on the income-bearing debt investment portfolio.
Despite the decline in income, the company reported an increase in net asset value per share of $0.27 for the third quarter, with net assets reaching $364.3 million, or $9.10 per share, as of September 30, 2024. The weighted average annualized portfolio yield on debt investments for the quarter was 15.7%, an increase from 15.1% in the third quarter of 2023. New debt commitments totaled $41.0 million, and funded debt investments amounted to $33.0 million during the period.
Credit quality showed improvement, with the weighted average investment ranking of the debt investment portfolio improving to 2.17 as of September 30, 2024, from 2.24 at the end of the prior quarter. One portfolio company with a principal balance of $20.0 million was upgraded from White (2) to Clear (1). The Board of Directors also declared a regular quarterly distribution of $0.30 per share for the fourth quarter of 2024, maintaining the previous distribution level.
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